Ohio had been one of many clean-energy success stories. The state's renewable-energy and energy-efficiency standards, passed in 2009, helped the state create 25,000 jobs and are credited with saving Ohio consumers more than $1 billion. Unfortunately, Ohio politicians chose to ignore the majority of Ohioans, major Ohio businesses and the state's leading newspapers when they voted earlier this summer to freeze these successful standards.

Destabilizing Ohio's policy environment for renewable energy and energy efficiency will ensure that our state will lose out on projects and good jobs. Renewable energy allowed companies like Campbell Soup and General Motors to build manufacturing plants with solar power in Napoleon and Toledo.

Other companies like Staples, Assurant and Walgreens also installed solar panels on the roofs of their facilities.

Opponents claim that renewable-energy policies have raised electricity prices. This is false. Since 2008, energy costs have increased, but this is not due to Ohio's investment in clean energy. Price hikes have been attributed to the need to retrofit coal plants to meet new health and safety standards. Energy-efficiency incentives are currently saving consumers billions of dollars.

Just look at Michigan. The state's Public Service Commission found that wind energy is now cheaper than coal or natural gas. Ohio's decision to turn its back on clean-energy investment means that jobs will go to other states with more friendly clean-energy policies.

A new report from Ceres, a nonprofit sustainability group, found that nearly half of Fortune 500 companies have targets for greenhouse-gas reduction, energy efficiency or renewable energy. Companies like Caterpillar, Dow Chemical, General Electric, General Motors, Procter & Gamble, Sprint and Walmart have put a priority on clean energy and are investing in renewable energy and energy efficiency to meet their goals. The ability to source electricity from renewable sources has become a major factor when companies decide to locate facilities.

In addition, more than 800 businesses and institutional investors have signed the Climate Declaration proclaiming that tackling the problem of climate change presents one of the greatest economic opportunities of the 21st century. By turning its back on renewable energy and energy efficiency, Ohio is missing out on the potential for new businesses and investments across all sectors.

These Fortune 500 companies have come to understand that investing in clean energy helps them mitigate risks and save money.

Transitioning to clean energy helps companies mitigate the risk posed by climate change. Its destabilizing impact on communities and supply chains creates unwelcome uncertainty for companies. Clean energy offers another way for companies to mitigate risk by allowing them to lock in a fixed energy rate. Because renewable energy sources like wind and solar have no fuel cost, they allow companies to better budget their energy use in the long term.

The EPA recognizes all of the successes that states, businesses and households around the country have already achieved in reducing carbon emissions. The standards allow each state to develop its own plan for reducing carbon pollution. By freezing the state's renewable-energy and energy-efficiency standards, Ohio politicians have made meeting these standards harder to achieve.

It doesn't have to be this way. As part of the legislation that froze the renewable-energy and energy-efficiency standards, the legislature created a committee to study the impact these investments have had on Ohio's economy. This committee should think like a smart investor would and consider the long-term benefits of renewable energy and energy efficiency.

Doug Kinsey is chief investment officer and founding partner at Artifex Financial Group LLC, based in Dayton.

Follow Us

cleveland.com is powered by Plain Dealer Publishing Co. and Northeast Ohio Media Group. All rights reserved (About Us).The material on this site may not be reproduced, distributed, transmitted, cached or otherwise used, except with the prior written permission of Northeast Ohio Media Group LLC.